Look this information over
to help you determine the loan that will best suit your needs.

Mortgage terms.

Mortgages are generally available at ,15-, 20,-, or 30-year terms.
In general, the longer the term, the lower the monthly payment. However, you
pay more interest overall if you borrow for a longer term. For example, Bank of Oklahoma Mortgage offers
10, 15, 20, 25 and 30 year terms with fixed rates and no pre-payment
penalties.

Fixed or adjustable interest rates.

A fixed rate allows you to lock in a low rate as long as you hold
the mortgage and, in general, is usually a good choice if interest rates are
low. An adjustable-rate mortgage is designed so that your loan’s interest rate
will rise as market interest rates increase. ARMs usually offer a lower rate in
the first years of the mortgage. ARMs also usually have a limit as to how much
the interest rate can be increased and how frequently they can be raised. These
types of mortgages are a good choice when fixed interest rates are high or when
you expect your income to grow significantly in the coming years or if you plan to sell your home
before the ARM will adjust. Some ARM loans can be refinanced to a fixed
rate prior to the rate ever adjusting without penalty.

Balloon mortgages.

These mortgages offer very low interest rates for a short period
of time — often three to seven years. Payments usually cover only the interest
so the principal owed is not reduced. However, this type of loan may be a good
choice if you think you will sell your home in a few years.

Government-backed loans.

These loans are sponsored by agencies such as the Federal Housing
Administration or the Department
of Veterans Affairs (www.va.gov) and offer special
terms, including lower down payments or reduced interest rates to qualified
buyers. All government backed loans apply to primary
residency only. Additional government
loans include:

The FHA/184 “Native
American” loan (requires less down payment than regular FHA and has no
mortgage insurance (also some mortgage companies allow additional Tribal
Assistance on both the FHA and the FHA/184 products);

The USDA/RD product
requires no money for down payment for properties located in designated
“rural” areas;